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Virginia Court Dismisses RICO Claim Against WYO Flood Insurer and Its Adjusters

The preemptive effect of the National Flood Insurance Program (NFIP) on overlapping claims asserted by policyholders based on federal and state common law theories of liability is well established. “Numerous courts have held...more

Defence & Indemnity - December 2016: I. INSURANCE ISSUES B.

A vehicle owned by the insured or spouse, if insured, may be an “uninsured automobile” when taken without consent and therefore may be entitled to coverage under the O.P.C.F. 44R Endorsement as an “inadequately insured...more

State Insurance Regulatory Actions Serve as Warning

Recent regulatory actions against Zenefits, a cloud-based software company, demonstrate the importance for companies to be properly licensed where they are conducting business. Zenefits has reached regulatory settlements with...more

Real Property & Title Insurance Update: Week Ending January 13, 2017

REAL PROPERTY UPDATE - Foreclosure: where a valid mortgage properly encumbers the subject property, an incorrect deed and a reformation of deed count are not fatal to a foreclosure action - Heartwood 2, LLC v. Dori, Case...more

New corporate governance requirements in Hong Kong

New corporate governance standards for insurers authorised in Hong Kong came into effect on 1 January 2017. Hong Kong incorporated insurers and overseas insurers with a certain threshold of Hong Kong business must comply with...more

Year in Review: Legislation and Guidance for Financial Institutions in 2016

The regulation of federally regulated financial institutions (FRFIs) continued intensifying in 2016 with a new wave of legislative and regulatory initiatives impacting mortgage lending, the bank resolution regime, the life...more

Court Approves Direct Payment Of Reinsurance To Insured In Reliance Insurance Company Liquidation

The court handling the liquidation of Reliance Insurance Company has approved an application for the direct payment of reinsurance proceeds by United Insurance Company to Reliance’s insured, Hoechst Celanese Corporation, with...more

Safeguarding Every Veteran's Benefits: Lessons From Bruce V. Mcdonald, 2017 WL 57172

On January 5, 2017, the United States Court of Appeals for Veterans Claims rejected the assertion by the Veteran’s Administration (VA) and the Board of Veterans Appeals (the Board) that a service member who requested a...more

Missouri Supreme Court Addresses Insurer Intervention, Garnishment Proceedings and Bad Faith Findings

Allen v. Bryers and Atain Specialty Insurance Company, — S.W.3d —, 2016 WL 7378560 (Mo. banc, December 20, 2016) In a recent opinion, the Missouri Supreme Court addressed the timing for an insurer’s intervention in a...more

Defence & Indemnity - December 2016: I. INSURANCE ISSUES A.

A. An insured killed by a thief driving the insured’s vehicle is entitled to coverage under his S.P.F. 44 Endorsement, notwithstanding that one part of the definition of “inadequately insured motorist” purports to exclude...more

Split Dollar Shing-a-Ling! Employing the Concepts of Inter-Generational Split Dollar in Compensatory Split Dollar Arrangements

Overview - In the last ten years, life insurance producers and their counsel have quietly transferred great fortunes with minimal gift and estate taxation using intergenerational split dollar life insurance programs....more

Court Grants Motion Compelling 30(B)(6) Deposition Testimony On Reinsurance From Insurance Company Following Liquidation

In a discovery dispute following the liquidation of Western Insurance Company (“Western”), a Utah federal district court granted a motion to compel a 30(b)(6) deposition testimony regarding Western’s reinsurance agreements....more

Florida 4th DCA Reiterates Insurers Negligence Not Enough to Sustain Bad Faith Claim

Directs Judgment to be Entered in Favor of Insurer - In GEICO v. Harvey, (Fla. 4th DCA Jan. 4, 2017), Florida’s Fourth District Court of Appeal held that the trial court erred in denying the insurer’s motion for directed...more

Uncertain Seas: European Financial and Regulatory Developments into 2017

Charting New and Dangerous Waters - Lloyd George and Epictetus may be long gone but their words have much resonance with the events of 2016. The political fallout from the UK’s vote to leave the European Union (“EU”)...more

NY DFS Proposed Cybersecurity Regulations Revised and Implementation Delayed

We previously reported on the New York Department of Financial Services’ proposed cybersecurity regulations. During the public comment period, the DFS received over 150 comments. In response, the DFS announced on December 28,...more

Ohio Supreme Court Determines That The Independent Corroborative Evidence Necessary To Prove An Uninsured Motorist Vehicle Claim...

In order to present an uninsured motorist claim when an accident is caused by an unidentified vehicle, a claimant must present independent corroborative evidence demonstrating that the accident was caused by the negligence of...more

Retail Hospitality Newsletter - Late Fall 2016

Sudden cardiac arrest (“SCA”) is the largest cause of natural death in the United Statesand is responsible for approximately half of all heart disease deaths. SCA, however, is not a “heart attack” (i.e. an artery blockage)...more

What Is An Offer of Judgment And Can It Really Lower the Cost of or Shorten Litigation?

Insurance coverage litigation today is often time consuming and expensive. Many cases include claims for “bad faith” damages, and some cases seek punitive damages. To support their allegations, litigants will usually seek a...more

Minnesota Discovers Limits To Its Regulator’s Power Over Insurers

In Minnesota, the Commissioner of the Department of Commerce regulates the insurance industry, and he has a statutory right to conduct investigations “related to the duties and responsibilities entrusted to” him. Last month,...more

Arizona Court of Appeals Rules That Coverage for an Additional Insured is no Greater Than Coverage Afforded a Named Insured - -...

In a matter of first impression, the Arizona Court of Appeals recently ruled that the “Your Work Exclusion” in a Commercial General Liability (“CGL”) insurance policy bars coverage for an additional insured when the only...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Prohibition on Dealing or Investing in Industrial or Commercial Metals - On January 3, 2017, the Office of the Comptroller of the Currency (the "OCC") finalized a rule that...more

New York Department of Financial Services Revises Proposed Cybersecurity Rule

The New York Department of Financial Services (NYDFS) recently issued a revised proposed regulation seeking to add its own mandate of cybersecurity requirements to those already in existence for banks, insurance companies and...more

Marine Insurance in the Trump Presidency: Smooth Sailing in 2017?

Although the Trump Administration's plans for significant infrastructure investment, including key ports and terminals, bode well for the marine industry, it is unclear how proposed restrictive trade policies will impact port...more

Eleventh Circuit: Insurer Not Required to Reimburse Pre-Tender Defense Costs

It may seem obvious that policyholder defendants should immediately notify their liability insurance carrier whenever they are faced with potentially covered litigation. Among other things, policyholders want the benefit of...more

2017 Insurance & Risk Management Checklist

As we start a new year, it is important to evaluate your company’s insurance and risk management program and plan for the year. Following up on our 2016 checklist, we have updated steps to take and things to consider for your...more

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